Update on the FPIL Glanmore Property Fund (P27)
19 April 2016
Further to our update on 04 April 2016, we have received notification of the outcome of The Glanmore Property Fund (the “Company”) EGM held on 20 January 2016. It is now known that the underlying fund of P27 FPIL Glanmore Property Fund failed to secure enough votes to pass the 75% approval threshold as required by the Companies (Guernsey) Law 2008 and, as a result, the underlying fund will be subject to an orderly wind up.
The Company’s Board will make arrangements for the 7 remaining properties (estimated value of £41.6m as at 31 December 2015), to be sold prior to the formal winding up by a liquidator. After this, a liquidator will be appointed and the underlying fund will then be wound up. This work will be done during the sales programme to expedite the liquidation.
The P27 FPIL Glanmore Property Fund will remain suspended pending the completion of the winding up of the underlying fund.
Further details can be found in the client letter, which has been sent out to policyholders invested in this fund.
Once a further formal announcement has been made by the Company, we will write to all policyholders again with an update on the closure of this fund.
Should you have any questions regarding this update, please contact International Funds & Investments.